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What Are The 5 Kinds Of Records That Must Be Kept? Accounting Records. Keeping accounting records allows you to keep track of all the transactions in your business. Bank Statements. Your bank statement shows the details of all your accounts. Legal Documents. Licenses and Permits. Insurance Documents.
What type of records must be retained?
Income tax returns and payment checks. Important correspondence. Legal documents. Vital records (birth / death / marriage / divorce / adoption / etc.)
What are different record types?
For example, if an Opportunity is a record, then the different record types may be: Net New, Renewal, or Expansion. In the real world, you can think of the records as a rectangle and the different types would be rhombus, square, diamond, etc.
What types of inventory records should be kept?
In most cases, the information you require during the accounting period comprises the COGS (Cost of goods sold), production inventory (if required), beginning inventory and the value of ending inventory. You can also consult your accountant about the appropriate inventory valuation technique.
What are the 4 types of records?
There are four types of records: official records, transitory records, non-records, and personal records. Some records are kept for a short amount of time, and some records have long retention periods. Retention periods for records are approved by Retention and Disposal Schedules.
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The following are some of the types of records you should keep: Cash register tapes. Deposit information (cash and credit sales) Receipt books. Invoices. Forms 1099-MISC.
What are the 4 types of recording?
Nowadays, we have four main types of sound recording that have revolutionized the way we experience sound: analog, digital, tape, and hard disk. Analog recordings are made using magnetic recordings onto a physical material such as vinyl records or cassette tapes.
Related links
Types of Records | Southern Connecticut State University
These generally fall into two categories: policy records and operational records.
Mar 15, 2024 Genealogical or Family History records Military Service records Microfilm Rolls Court Records Records of the Judicial Branch Other Records.
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